8.4% of home purchase mortgages made in 2025 had an adjustable rate, according to our analysis of 3,312,179 loans reported under the Home Mortgage Disclosure Act. The share depended heavily on loan size: 6.6% of loans within the conforming loan limit were adjustable, compared with 48.7% of jumbo loans above it.
The adjustable share was highest in Massachusetts (18.2%), the District of Columbia (15.9%) and Iowa (14.5%), and lowest in Louisiana (3.4%).
Most adjustable-rate loans had a fixed introductory rate of several years. Of 277,216 adjustable loans nationwide, 42.3% had a seven-year fixed period, 25.8% five years and 8.3% ten years.
What the figures measure
We count a loan as adjustable-rate when the lender reported an introductory rate period, which HMDA requires for loans whose rate can change. Fixed-rate loans have no introductory period. "Jumbo" means the lender reported the loan as above the conforming loan limit Fannie Mae and Freddie Mac can buy in that county; conforming means at or below it. The figures cover originated home purchase loans secured by a first lien, excluding reverse mortgages and open-end lines of credit, for all occupancy types. Loans from lenders exempt from reporting this field are left out.
By state
| State | Loans | ARM share, all | ARM share, conforming | Jumbo loans | ARM share, jumbo |
|---|---|---|---|---|---|
| Massachusetts | 54,941 | 18.2% | 13.6% | 5,350 | 57.6% |
| District of Columbia | 5,320 | 15.9% | 12.4% | 463 | 51.6% |
| Iowa | 33,171 | 14.5% | 14.4% | 136 | 53.7% |
| California | 246,532 | 14.4% | 9.3% | 28,351 | 48.6% |
| North Carolina | 141,510 | 13.7% | 12.2% | 4,949 | 53.8% |
| Wisconsin | 57,639 | 13.7% | 12.7% | 899 | 69.2% |
| Vermont | 5,809 | 13.6% | 11.4% | 192 | 50.5% |
| New York | 112,951 | 12.6% | 9.7% | 5,446 | 62.1% |
| Hawaii | 9,666 | 12.6% | 11.4% | 691 | 27.2% |
| Washington | 79,146 | 11.5% | 7.9% | 6,168 | 51.0% |
| Rhode Island | 9,397 | 11.0% | 8.2% | 428 | 53.7% |
| Kentucky | 44,704 | 10.2% | 9.3% | 428 | 63.1% |
| West Virginia | 14,859 | 10.1% | 9.6% | 59 | – |
| New Jersey | 76,822 | 10.0% | 7.8% | 3,247 | 56.9% |
| Colorado | 75,387 | 9.9% | 7.5% | 4,858 | 43.4% |
| Maine | 14,360 | 9.5% | 7.5% | 510 | 50.0% |
| Connecticut | 31,664 | 9.3% | 5.7% | 1,990 | 59.1% |
| Kansas | 29,358 | 8.5% | 7.3% | 459 | 59.7% |
| New Hampshire | 13,999 | 8.4% | 6.8% | 444 | 42.6% |
| Ohio | 123,317 | 8.2% | 7.3% | 1,413 | 71.5% |
| South Carolina | 80,017 | 7.9% | 6.3% | 2,568 | 56.6% |
| Montana | 10,244 | 7.8% | 5.3% | 535 | 45.2% |
| Missouri | 69,284 | 7.7% | 7.0% | 830 | 55.7% |
| Tennessee | 83,234 | 7.5% | 6.2% | 2,532 | 45.6% |
| Oklahoma | 42,424 | 7.3% | 6.7% | 419 | 50.4% |
| Michigan | 101,240 | 7.2% | 6.2% | 1,671 | 66.2% |
| Florida | 278,787 | 7.2% | 5.6% | 12,188 | 42.7% |
| Pennsylvania | 113,055 | 7.1% | 5.8% | 2,231 | 51.9% |
| Arkansas | 33,866 | 6.8% | 6.1% | 387 | 56.8% |
| Virginia | 97,106 | 6.6% | 5.5% | 2,846 | 40.8% |
| Minnesota | 60,405 | 6.6% | 5.6% | 1,187 | 49.5% |
| Idaho | 25,935 | 6.5% | 5.3% | 1,034 | 32.5% |
| Indiana | 80,614 | 6.4% | 5.7% | 845 | 58.8% |
| Utah | 40,661 | 6.4% | 4.7% | 2,079 | 36.2% |
| Illinois | 111,972 | 6.2% | 4.7% | 3,078 | 53.1% |
| Maryland | 60,529 | 6.1% | 4.8% | 1,879 | 43.4% |
| New Mexico | 19,310 | 5.5% | 4.9% | 272 | 46.7% |
| Texas | 337,897 | 5.4% | 4.1% | 9,989 | 45.3% |
| Georgia | 119,498 | 5.3% | 4.1% | 3,688 | 42.9% |
| Delaware | 13,367 | 5.3% | 4.1% | 325 | 49.2% |
| Alabama | 57,793 | 5.2% | 4.6% | 781 | 46.6% |
| Wyoming | 5,975 | 5.2% | 3.6% | 148 | 59.5% |
| Oregon | 41,503 | 5.2% | 3.8% | 1,380 | 36.6% |
| Nevada | 36,708 | 5.1% | 4.0% | 1,503 | 31.7% |
| North Dakota | 7,223 | 5.1% | 4.4% | 65 | – |
| Arizona | 90,721 | 5.0% | 3.5% | 3,887 | 35.7% |
| South Dakota | 8,669 | 4.6% | 4.0% | 108 | 42.6% |
| Mississippi | 26,309 | 4.6% | 4.3% | 154 | 50.0% |
| Alaska | 7,219 | 4.4% | 4.2% | 15 | – |
| Nebraska | 20,288 | 4.3% | 3.8% | 143 | 38.5% |
| Louisiana | 36,227 | 3.4% | 2.8% | 364 | 44.5% |
| Puerto Rico | 11,817 | 0.1% | 0.1% | 122 | 2.5% |
50 states, D.C. and Puerto Rico, sorted by the overall adjustable share. Jumbo shares are not shown where a state had fewer than 100 jumbo loans; the CSV has every count.
Source
Consumer Financial Protection Bureau and Federal Financial Institutions Examination Council, Home Mortgage Disclosure Act (HMDA) 2025 Snapshot National Loan-Level Dataset, downloaded from the HMDA Data Browser on October 27, 2026. U.S. government data in the public domain. HMDA covers most, but not all, U.S. mortgage lenders; small and rural lenders are partly exempt. Shares, medians and counts on this page are our calculations from the loan-level records. Our table is available under CC BY 4.0. Credit "My Credit Guide (mycreditguide.org)".
Steven Reynolds, "Adjustable-Rate Mortgages by State," My Credit Guide, October 27, 2026, https://mycreditguide.org/data/adjustable-rate-mortgages-by-state/.